Summer often means vacations, outdoor adventures, family activities, and plenty of time in the sun. While you're enjoying the season, it's also a good time to remember that your Health Savings Account, or HSA, can help cover many qualified medical expenses that support your health throughout the summer.
Here are five ways your HSA may work harder during warmer months.
Schedule a skin check. Spending more time outdoors increases exposure to the sun's ultraviolet rays. If your healthcare provider recommends a skin cancer screening or if you have concerns about a new or changing mole, qualified medical evaluations are usually HSA-eligible expenses. Preventive care can be important for maintaining your overall health.
Sunburn-Related Medical Care. Even with the best intentions, sunburns can occur. If a severe sunburn requires a doctor's visit, prescription medication, or other qualified medical treatment, your HSA may help cover those eligible expenses. Over-the-counter medications might also qualify if they meet current IRS guidelines.
Purchase Eligible Sun Protection Products. Certain sunscreens may qualify as HSA-eligible expenses. Broad-spectrum sunscreen with SPF 15 or higher is usually considered an eligible medical expense because it helps prevent sun-related skin damage. It's an easy way to protect your health and your wallet.
Prepare for Summer Allergies and Insect Bites
Summer can bring seasonal allergies and insect bites. Most allergy and bite medications and treatments qualify for HSA reimbursement. However, insect repellents are not covered by HSA funds.
Invest in Your Long-Term Health. If you can, consider leaving your HSA balance invested if your plan allows and saving your receipts for summer-related health expenses. HSAs offer a unique combination of tax advantages: tax-free contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses. Over time, those savings may become a valuable resource for future healthcare costs, and you can submit expenses from today in the future after your HSA funds have had time to grow.
Make the Most of Your Benefits
Your HSA is more than just a way to pay medical bills. Used thoughtfully, it can help you prepare for both expected and unexpected healthcare expenses while supporting your long-term financial wellness.
If you have questions about how an HSA fits into your overall financial strategy or would like to discuss ways to make the most of your available benefits, please reach out. We'd be happy to schedule a conversation.